(Reuters) - American International Group Inc (AIG.N) on Thursday reported a 17 percent fall in quarterly profit as its general insurance business failed to show improvement, missing analysts’ expectations.
AIG shares fell more than 5.5 percent to $52.15 after hours.
Chief Executive Brian Duperreault, who took charge more than a year ago, has been trying to turn around the company and its commercial insurance business, including by sharpening underwriting practices.
The second-quarter results included a $200 million restructuring charge related to “efficiency initiatives,” including compensation.
AIG has been on a hiring spree to bring on new executives to boost profits. On Wednesday, AIG named veteran industry executive David McElroy to head its Lexington Insurance Co unit.
McElroy had been executive chairman of Arch Insurance Group Inc and vice chairman of Arch Worldwide Insurance Group.
Peter Zaffino, former CEO of Marsh Editing by Arun Koyyur, Phil Berlowitz and Richard Chang